68-2057. Bonds payable from revenues and other funds; expenses.
68-2057
68-2057. Bonds payable from revenues and other funds; expenses.Revenue bonds issued under the provisions of this act shall not bedeemed to constitute a debt of the state or of any political subdivisionthereof or a pledge of the faith and credit of the state or of any suchpolitical subdivision thereof, but all such bonds shall be payable solelyfrom the funds herein provided therefor from revenues. All such revenuebonds shall contain on the face thereof a statement to the effect thatneither the state nor the authority shall be obligated to pay the same orthe interest thereon except from revenues of the project and that the faithand credit of the state are not pledged to the payment of the principal ofor the interest on such bonds.
All expenses incurred in carrying out the provisions of this act shallbe payable solely from funds provided under the authority of this act andno liability or obligation shall be incurred by the authority hereunderbeyond the extent to which moneys shall have been provided under theprovisions of this act.
History: L. 1967, ch. 356, § 7; July 1.